Watch Art Cashin: Stocks a 'little overbought'

Monday, 21 Oct 2013 | 3:40 PM ETCNBC.com

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90 Seconds with Art Cashin: Buy the dips crowd spot-on

CNBC's Bob Pisani and Art Cashin, of UBS, discuss surprising earnings reports and what it means for the markets. We're a little overbought, says Cashin. And the deal last week pushed off the taper, which is good for the buy-the-dips crowd.

Art Cashin says the stock market is still a "little overbought" and in the "Monday pause that refreshes" but has some "backwind" from expectations the government shutdown will prompt the Federal Reserve to delay tapering its asset purchases.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani that things could become clearer this week with 25 percent of the companies in the S&P 500 stock index reporting earnings.